USDA Loan Eligibility Maps for Raleigh NC – 2014

They say a picture paints a thousand words. If that’s the case, the current USDA Loan Eligibility Maps for Raleigh NC will be worth several thousand dollars to folks who want to take advantage of the USDA Home Loan Program in the Greater Raleigh NC area. This is an extremely popular program, because USDA Loans do not require any down payment from home buyers.

The USDA Eligibility site says, “Property eligibility for housing programs will change to 2010 Census data on 12-1-14, barring Congressional Action to extend current eligibility.”

Why did some folks say that the Maps would NOT change? Because in the Agricultural Act of 2014 on page 213, says that the “classification” (current maps) will stay in place until after the census of 2020. The Bill passed both the House and the Senate. So you might think, done deal.

Not so fast, the USDA RD Offices updated their information within the last 7 days to say, “Barring Congressional action, USDA will begin using the 2010 Census data to determine eligible rural areas for Rural Development housing programs on December 1, 2014.” Meaning the USDA Loan Eligibility Maps for NC are STILL (in their mind) scheduled to change this year. And on September 22, 2014 they changed the maps again, confirming which neighborhoods, at least in this first round of map changes going into effect on December 1, 2014.

Why are the USDA Loan Underwriters saying that the USDA Eligibility Map NC is STILL subject to change, perhaps even again next year? Because they are operating under the H.R. 2775, Continuing Appropriations Act, 2014. Until the Appropriations Act is amended to reflect the changes approved in the “Farm Bill” ( Agricultural Act of 2014 ) the USDA Loan Eligibility Maps are STILL scheduled to change on December 1, 2014. (I’m emphasizing this because they are so many blog posts out there saying there will be NO changes)

An extension of the current property eligibility would be good news to folks in the Raleigh, NC area. The USDA Loan Eligibility Maps for Raleigh NC show that the neighborhoods around the following towns will not be eligible for the program beginning in December :

Parts of Durham County and areas around Chapel Hill will also be effected by the change. Below you will see the current USDA Loan Eligibility Maps for Raleigh NC. The areas shaded in “pink” do NOT qualify for the program. You will notice that there are no shaded areas near most of Knightdale, Wake Forest, Fuquay, Holly Springs or Clayton

Here’s the map showing the change to USDA Loan Eligibility Maps for Raleigh NC that went into place February of 2015 . Again, with this map – notice that the shaded area do NOT qualify for USDA Home Loan financing. See that area around Morrisville and Cary near 55? It no longer qualifies for the USDA Home Loan program with the map changes. More than 28 areas in the Raleigh area had changes to the USDA Loan Eligibility Maps for Raleigh NC.

In addition to purchasing a home that is located within the USDA Eligibility Map area – you must also meet the USDA Income Limits for the area. The USDA Loan Income Limits for Raleigh NC for a family of 1 to 4 persons is $91,850. For a family with more than 4 members in the Household the USDA Income Limit for Raleigh is currently $121,250. The USDA Income limits vary widely by County – and the limits for Durham and Chapel Hill are lower – while the USDA Income Limits for Johnston County are the same as Raleigh.

USDA Loan Eligibility Raleigh NC includes what kind of credit scores you have. For a Raleigh USDA Loan, you will need have pretty good credit, with scores of at least 620, and no past due payments within the past 12 months. – and you can not have total debts (with your mortgage payments) of more than 41% of your monthly gross income – although if you have higher credit scores (680 or higher), we’ve seen loans approved in the past 60 days with ratios at 46.2%.

You can use the NC Mortgage Tax Credit (MCC) with this program. The program is designed for First Time Home Buyers, and those who have not owned a home as a principal residence for the last 3 years. With the Mortgage Tax Credit you could be able to qualify for a slightly bigger house. In addition, the NCHFA offers 3% First Time Home Buyer Grants for qualifying Home Buyers in NC who have been renting for the past 3 years. The First Time Home Buyer grant is forgivable and carries no payments.

If you are considering a mortgage loan, or if you have more questions about: USDA Loan Eligibility Maps for Raleigh NC – please call Steve and Eleanor Thorne Or leave us a comment below, we try to answer all questions 919-649-5058.

About Eleanor Thorne

I see myself differently than most loan officers in the Cary/Raleigh market. As a rare Cary native, I see myself as an expert on the area, on mortgage industry changes & factors that effect rates! I’ve lived in Cary since 1968 – and I’m second generation “mortgage.” I work with my husband, Steve Thorne Mortgage Loan Originator #60596 Equal Housing Lender

Hello. I came across your site in a search for requirements regarding first time home ownership. Especially after the housing market crash. I have educated myself quite well however, there are a few grey areas I would love to get clear answers. I am a victim of identity theft and it has taken an extreme toll on my credit. But I have managed to clear all false information myself. The sad truth is I was in a better credit score range with false information. I would greatly appreciate a call as I am eager to become a homeowner asap. Thank you! 919 951 8910

Jessica – I’m so sorry that you’ve gone through this. I know it’s been rough! We’ll be glad to help you with the rebuilding process! Our number is 919 649 5058, we’ll give you a call, or feel free to call us!

HI, I WAS LOOKING FOR INFORMATION ABOUT USDA HOMES AND FOUND YOUR SITE.I COME FROM WILMINGTON NC.HAVE NOT LIVED THERE SINCE I LEFT FOR COLLEGE,I DO MAKE ALL MY FAMILY REUNIONS. I AM NOW READY TO MOVE BACK HOME I AM A RETIRED RN PLEASE HELP ME IF YOU CAN, LET ME KNOW HOW TO PROCEED. THANK YOU. BE BLESSED ELIZABETH 914-636-5886 NEW ROCHELLE NY 10801

Hi, I currently live in NYC and I plan on relocating withing 8-12 months . My family and I will be moving to Raleigh, NC, preferably in the Apex, Cary, Morrisville, Holly Springs or Fuquay-Varina area. Can you please give me more info on the USDA loans and if i can qualify in those areas and what other qualifications are needed to get approved? My phone number is 917-283-0501. Thank you.